Applying for permission to set up a stock exchange

• You submit the required documents to the exchange supervisory authority.
• The competent exchange supervisory authority is the authority in the country in whose territory the exchange is to be located.
• The exchange supervisory authority checks whether the requirements for admission to trading have been met. Additional information may be requested if necessary.
• The Exchange Supervisory Authority shall issue its approval or refusal in writing by post.
• A license expires if the stock exchange does not commence operations within one year.
• The Exchange Supervisory Authority may subsequently impose conditions on a license or revoke it (Section 4 (5) BörsG).

The highest state authority is responsible for stock exchange supervision.

The application for a license must be submitted in writing to the stock exchange supervisory authority. The requirements can be found in the Stock Exchange Act (BörsG).

The Exchange Supervisory Authority may require further information for the examination.

• Proof of the funds required to operate the Exchange pursuant to § 5 (5) of the Stock Exchange Act;
• The names of the Exchange Operating Institution's Managing Director(s) as well as information required to assess the reliability and professional suitability of these persons;
• A business plan indicating the nature of the planned transactions and the organizational structure and planned internal control procedures of the exchange operating company, as well as the rules and regulations of the exchange;
• Information on the ownership structure of the Exchange Operating Institution, in particular on the owners of significant shareholdings within the meaning of section 6 (6) of the Stock Exchange Act and the size of their shareholdings;
• Information required to assess the reliability of the holders of major shareholdings.
  If the holder of a major shareholding is a legal entity or commercial partnership, the facts essential for assessing the reliability of its legal or statutory representatives or personally liable partners must be stated.

The Exchange Supervisory Authority may require the submission of further documents.

• Fixed costs
• Cost framework (range)

in accordance with the respective state administrative cost regulations

Once the permit has been issued, you have one year to set up the exchange, otherwise the permit will expire.

The processing time of the stock exchange supervisory authority depends on the type and scope of the application submitted.

• §§ Sections 4 to 6 of the Stock Exchange Act (BörsG)

The application for permission must be submitted in writing to the Exchange Supervisory Authority.

The obligations of the exchange operating company are set out in Section 5 of the Stock Exchange Act.

17.12.2024